M2 money supply is surging again – so why isn’t this bullish for Bitcoin anymore?

U.S. M2 hit a record $22.4T in January, why Bitcoin hasn’t followed, and what could change next U.S. broad money supply (M2) reached a record $22.442 trillion in January 2026. That put M2 up $922.4 billion (+4.29%) from January 2025, setting a new high for a metric that often anchors “liquidity up, risk up” narratives. M2 Money Supply (Source: FRED) Unlike during the bull market, Bitcoin has not delivered a clean “M2…